Rising Cyber Threats Fuel Push for Economic Security Bill
▼ Summary
– UK lawmakers urge the government to legally establish a new economic security approach due to increasing cyber and other threats.
– The House of Commons committee warns that the UK’s current defenses are inadequate for future economic warfare risks.
– The report identifies 10 threats, emphasizing cyber attacks on critical infrastructure, companies, and institutions as a major concern.
– Recommendations include mandating software security practices, offering tax relief for cybersecurity upgrades, and consulting on mandatory incident reporting.
– Experts call for a strategic, joined-up approach to economic security, highlighting the need for collaboration between government and private sectors.
A new push for legislation aimed at strengthening the United Kingdom’s economic security is gaining momentum, driven by escalating cyber threats and other strategic risks. Lawmakers are urging the government to adopt a legally binding framework to protect the nation’s financial and industrial base from hostile actors.
The House of Commons Business and Trade Committee released a report titled “Toward a new doctrine for economic security,” which underscores the country’s vulnerability in an increasingly volatile global environment. Committee chair Liam Byrne stated, “Britain is now hugely exposed to the risks of economic warfare and bluntly, our current defenses are not fit for the future.” He emphasized that as a mid-sized, open economy, the UK depends heavily on foreign capital, technology, and ownership of essential assets, leaving it susceptible to evolving dangers.
The report identifies ten major threats, with cybersecurity emerging as a dominant concern, mentioned more than one hundred times. It highlights risks to critical national infrastructure, private sector firms, and public institutions, pointing out that recent cyber incidents have demonstrated their ability to inflict widespread damage on businesses, consumers, and supply chains. The document asserts that achieving economic security is impossible without robust cyber defenses and calls for intensified efforts to improve national resilience.
Key recommendations from the committee include introducing new laws to enforce the voluntary Software Security Code of Practice, granting enforcement bodies the authority to monitor compliance. It also suggests offering tax relief for businesses investing in IT services that boost operational resilience, such as cybersecurity software, upgrades for outdated systems, and data protection platforms. Additionally, the committee advocates for a mandatory cyber-incident reporting system to ensure timely and coordinated responses to attacks.
Katharina Sommer, group head of government affairs at NCC Group, described the report as a “clarion call” for a more strategic government approach to economic security. She noted that the growing scale and complexity of cyber threats require decisive action. Sommer endorsed measures like the Software Security Code of Practice, which encourages software developers and buyers to integrate security from the design phase. She also highlighted the importance of a proposed SME Resilience Fund and mandatory incident reporting, stating these steps are essential for helping organizations of all sizes bolster their defenses.
Sommer further stressed the need for accurate threat diagnosis across both public and private sectors to develop a unified economic security strategy. She suggested that experienced private sector partners can play a vital role by sharing insights and translating threat intelligence into practical guidance for less advanced organizations, fostering a collaborative defense ecosystem.
(Source: InfoSecurity Magazine)
